Lovesac (LOVE) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of Lovesac (NASDAQ:LOVE) from a buy rating to a sell rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “The Lovesac Company retails home furnishing products. The Company offers alternative furniture store, sectionals, bean bags, bean bag chairs as well as other accessories such as blankets, footsacs and throw pillows. Its registered trademark consists of Lovesac(R), Sac(R) and Sactionals(R). The Lovesac Company is based in Stamford, Connecticut. “

A number of other analysts have also commented on LOVE. Canaccord Genuity boosted their target price on Lovesac from $30.00 to $36.00 and gave the company a buy rating in a research report on Monday, February 11th. DA Davidson assumed coverage on Lovesac in a research report on Monday, April 1st. They issued a buy rating and a $38.00 target price for the company. Roth Capital lifted their price target on Lovesac from $28.00 to $33.00 in a research note on Wednesday, April 24th. Finally, Craig Hallum reiterated a buy rating and set a $45.00 price target (up previously from $33.00) on shares of Lovesac in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Lovesac currently has an average rating of Buy and a consensus target price of $40.00.

Shares of Lovesac stock opened at $38.73 on Friday. Lovesac has a one year low of $16.46 and a one year high of $46.79.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Tuesday, April 30th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The firm had revenue of $64.18 million during the quarter, compared to the consensus estimate of $55.96 million. During the same period in the previous year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 64.4% on a year-over-year basis. As a group, analysts anticipate that Lovesac will post -0.25 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors Inc. boosted its stake in Lovesac by 9.2% during the 1st quarter. Wasatch Advisors Inc. now owns 547,510 shares of the company’s stock valued at $15,226,000 after purchasing an additional 46,238 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in Lovesac by 15.2% during the 4th quarter. Lord Abbett & CO. LLC now owns 469,143 shares of the company’s stock valued at $10,762,000 after purchasing an additional 62,001 shares during the last quarter. Royce & Associates LP boosted its stake in Lovesac by 49.5% during the 4th quarter. Royce & Associates LP now owns 332,172 shares of the company’s stock valued at $7,620,000 after purchasing an additional 109,972 shares during the last quarter. BlackRock Inc. boosted its stake in Lovesac by 5.0% during the 1st quarter. BlackRock Inc. now owns 298,948 shares of the company’s stock valued at $8,314,000 after purchasing an additional 14,243 shares during the last quarter. Finally, Skylands Capital LLC boosted its stake in Lovesac by 15.8% during the 1st quarter. Skylands Capital LLC now owns 135,600 shares of the company’s stock valued at $3,771,000 after purchasing an additional 18,550 shares during the last quarter. Institutional investors and hedge funds own 50.30% of the company’s stock.

Lovesac Company Profile

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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